Chuanghong Fund’s first close included corporate LPs Century Golden Resources Group, Country Garden, Joyoung and Hunan TV & Broadcast Intermediary.
China-based venture capital firm Fortune Capital’s yuan-denominated vehicle, Chuanghong Fund, reached a RMB5.5bn ($858m) first close on Friday with backing from limited partners including several corporate investors.
Mass media group Hunan TV & Broadcast Intermediary, soymilk machine producer Joyoung and property developers Century Golden Resources Group and Country Garden all made commitments to the fund.
Financial services providers China Merchants Bank and Ping An Bank also contributed to the vehicle, as did the firm’s management team, funds of funds run…
